Vince Cable: Labour’s tuition fees plan is financially illiterate

The Telegraph is reporting that Vince Cable has accused Labour of having a “financially illiterate” policy on university funding as Ed Miliband has unveiled plans to cut tuition fees by £3,000…

…Mr Cable, who introduced the current system of higher tuition fees in contravention of a pledge by his party before the last election, said the plans would make it harder for the Liberal Democrats to go into Coalition with Labour.

He told Sky News: “Labour’s policy is based on a sound bite, and as a result, is completely financially illiterate.

“It will do great harm to universities and create a costly black hole in the national budget.

“For a party presenting itself as a government in waiting they are showing staggering ignorance of how university finance works.

“Talk about the current system being unsustainable is rubbish. The OECD, who has no political axe to grid, said the English system is totally sustainable and works well.

“A £6,000 cut would wreck the financial sustainability of universities, reduce the support for disadvantaged students and benefit only the richest.

“We learned this lesson the hard way but we now have a system that works, with university funding made fair and sustainable by Liberal Democrats.

“This shows in a record number of students and a record number of those from disadvantaged backgrounds applying to university…”

 

There’s lots of opposition to Labour’s decision to limit tuition fees to £6,000 (some of it from within the party), but what do you think? Is it a prudent or irresponsible plan?

 

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Comments

  1. andylutwyche

    SchoolsImprove The moral of this story is that no politician is trustworthy pre-election. Putting Ed Balls in charge of money is an error

  2. writeandraise

    SchoolsImprove If we can afford to increase the budget for spying on our citizens, then we can afford to cut the cost of going to Uni.

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